Sales Beat

Nonprofit Buys Boerum Hill Building for $2.5M Above Original Asking Price [Updated]

401 State Street.

The NoVo Foundation, a Manhattan-based nonprofit, has bought a Brooklyn commercial building for $10 million, property records show.

That’s $2.5 million more than the seller was asking for it, according to TerraCRG, which marketed 401 State Street in Boerum Hill with an original asking price of $7.5 million. The roughly 15,000-square-foot building between Nevins and Bond Streets has doubled in value since it last changed hands in 2013, when property records show it sold for $4.3 million.    Read More

Sales Beat

Investor Trio Buys Bushwick Building for $26.7M

333 Johnson Avenue.

A group of investors has closed on 333 Johnson Avenue between Bogart and White Streets in the Bushwick section of Brooklyn for $26.7 million.

Buyers Normandy Real Estate Partners, Royalton Capital and Sciame Development plan on converting the former printing shop into a mixed-use space of offices, retail and food, according to TerraCRG, which represented the group in the deal. The seller was Richard Bart Realty, according to property records. Read More

On the Market

Clinton Hill Loft Hits Market for $12M, Nearly Five Times Its Last Sales Price

25 Lexington Avenue

The owner of a vacant loft building in the Clinton Hill section of Brooklyn hopes to sell the property for $12 million after purchasing it for $2.5 million five years ago, Commercial Observer has learned.

TerraCRG is marketing the five-story building at 25-27 Lexington Avenue between Grand and Classon Avenues with approved plans in place to convert the empty building into a 23-unit, 30,024-square-foot luxury residential building, said Melissa Warren, a partner at the firm. The neighborhood marked by the Pratt Institute to the north and Barclays Center to the west will warrant the near-fivefold sales price increase, she said. Read More

On the Market

Downtown Brooklyn Development Site Hits Market [Updated]

211-215 Schermerhorn

The owner of a vacant lot in Downtown Brooklyn with potential for development and a premium purchase price has placed the property on the market, Commercial Observer has learned.

Brooklyn developer Nicholas Cammarato bought the 7,556-square-foot lot at 211-215 Schermerhorn Street in 2013 for $16 million, according to property records, but the site might fetch much more this time around in a neighborhood where development site sales are booming. Read More

The Lobby

TerraCRG Expands Commercial Leasing Division with New Hire

Peter Schubert

TerraCRG has tapped former Transwestern and Moinian Group broker Peter Schubert to expand its leasing presence throughout Brooklyn, Commercial Observer has learned.

The commercial brokerage and advisory firm that focuses solely on Brooklyn brought Mr. Schubert on as a partner and managing director of the company’s commercial leasing division, company officials said. Though TerraCRG has made a name for itself as an investment sales brokerage, Mr. Schubert will beef up the retail leasing staff at the six-year-old firm. Read More


Nonprofit Profits: SCO Family of Services Joins Sales Binge

570 Fulton Street

This nonprofit will turn a large real estate profit. When, not if, the SCO Family of Services sells its current foster care and child clinic building at 570 Fulton Street in Downtown Brooklyn, the existing three-story structure will become the site of the area’s latest new tower.

And the nonprofit whose website says it “provides necessary services and unconditional care” to 60,000 children, teens and adults in New York City and Long Island should net a sizeable gain to pay for its operations, joining the ranks of other nonprofits who are cashing in on their real estate despite community concerns over displacement and potential risks involved with disposing of their assets. Read More

Sales Beat

Brooklyn Property Investor Buys Bed-Stuy Building for $2.05M

328 Marcus Garvey Boulevard

A four-story, mixed-use property at 328 Marcus Garvey Boulevard in Bedford-Stuyvesant has been sold for $2.05 million, or $360 per square foot.

Located on the corner of commercial corridor Marcus Garvey Boulevard and Madison Street, the building contains three residential units and two retail units on the ground floor. Altogether, there is roughly 5,600 square feet of usable space. Read More

Brooklyn Issue

Brooklyn Brokers Closing High-Profit Flips

76-80 Meserole Street

This flip shows the borough’s flip. Nestled among stops for four different subway lines and the seven-building, 2,702-unit Lindsay Park affordable apartments, the recently completed 49-unit multifamily rental building at 76-80 Meserole Street boasts a valuable position in the southern section of East Williamsburg.

Last May, that set-up paid off to the tune of an 85 percent gain on investment for its 2012 buyer, a return that illustrates the value-added potential for properties in Brooklyn’s booming markets. Cornell Realty Management sold the property to New York Mets executives Fred Wilpon and Saul Katz’s Sterling Equities for $36 million this past spring after buying it 16 months earlier for $19.4 million. Read More

On the Market

South Williamsburg Property Asking $7.25M

340 Wythe Ave

TerraCRG is marketing an L-shaped parcel at 340 Wythe Avenue that’s one block from the 2,200-unit former Domino sugar factory development site and on the same block as the new Vice Media headquarters, Commercial Observer has learned.

The warehouse boasts 17,200 buildable square feet in a neighborhood that’s added over 10,000 luxury units since the 2005 rezoning of the area and has over 5,800 more high-priced apartments in the works, said TerraCRG Senior Vice President Melissa DiBella Warren. Read More

On the Market

Boerum Hill Condo Property on the Market for $7.5M

401 State Street

A seven unit, 16,250-square-foot condominium development at 401 State Street in Brooklyn’s leafy Boerum Hill neighborhood has hit the market with an asking price of $7.5 million, Commercial Observer has learned.

Brooklyn developer Martin Handler plans to convert the existing three-story, residential-zoned building that once housed a substance abuse home into luxury apartments with a possible daycare facility or other community use in the basement, said TerraCRG partner Melissa DiBella. Read More

TerraCRG’s Ofer Cohen on Brooklyn Rezoning, Retail and a Revitalized Condo Market [Updated]

Ofer Cohen

Ofer Cohen, the president of TerraCRG, founded the Brooklyn-focused commercial brokerage and advisory firm in 2008 after a stint as a broker at Massey Knakal Realty Services preceded by time as a partner in a boutique marketing agency. TerraCRG seals roughly 70 deals per year. The firm recently closed the sales of four multifamily buildings in Park Slope and Carroll Gardens for a collective $12.5 million and inked a lease to bring the first Doughnut Plant bakery to the borough in Prospect Heights. Mr. Cohen invited Commercial Observer to the company’s office that sits opposite the Barclays Center to dish on the Brooklyn market, contextual rezoning and military discipline. Read More


‘You May Be Right’ About Bedford-Stuyvesant

A young Billy Joel sports a switchblade.

In Billy Joel’s 1980 hit, “You May Be Right,” the singer boasted of his “crazy” antics crashing parties, riding his motorcycle in the rain and even walking  “through Bedford-Stuy alone.” 

Neighborhoods like Park Slope and Williamsburg have long been the headline-grabbers when it comes to booming Brooklyn neighborhoods. But the Bedford-Stuyvesant neighborhood is quickly losing the rough-and-tumble reputation Mr. Joel alluded to, and is now considered a prime candidate as Brooklyn’s next up-and-coming real estate frontier. Read More

Sales Beat

W’burg Retail Building Sales in 2013 Trounce Prior Year

104 North 6th Street

There were four times as many sales of retail buildings in Williamsburg in 2013 than in the prior year, according to data prepared for Commercial Observer by Brooklyn commercial brokerage TerraCRG, and the average price per square foot more than nearly tripled.

There were nine Williamsburg retail building sales last year (in commercially-zoned areas) compared with two in 2012, the data indicate. The average price per square foot of those sales in 2013 was $753.03 versus $273 in 2012. Read More